JCDecaux has entered into an agreement to acquire digital-out-of-home media company APN Outdoor for approximately AUD 1.119 billion ($823.13 million).
APN Outdoor operates in Australia and New Zealand, primarily in the large-format billboard segment, as well as in the transit, rail and airport segments, which JCDecaux says complements its existing street furniture assets.
Image: APN Outdoor
In addition to clearance from the Australian Competition and Consumer Commission, the transaction is also subject to regulatory approval from the Australian Foreign Investment Review Board, the New Zealand Overseas Investment Office (if required) and to other customary conditions.
The transaction is expected to be completed by the end of 2018. Goldman Sachs and Herbert Smith Freehills are acting as JCDecaux’s financial and legal advisors.
